In the 20th century, oil was the lifeblood of global economic, military, and political power. Control over oil meant control over prosperity and influence.

Now, in the 21st century’s digital economy, a new kind of strategic resource is emerging: data.

At the recent International Conference on the Data Economy, Professor Muttukrishnan Rajarajan of the University of London emphasized that data is no longer just a technological input, but a core economic asset - determining how enterprises and nations operate, innovate, and grow.

Vietnam, amid its ongoing digital transformation, is seizing this moment to transition from raw data accumulation to strategic data refinement and monetization.

The shift to a data-driven economy

While the knowledge economy emphasized human capital and the digital economy prioritized connectivity, the data economy places data itself at the center of all economic decisions.

Here, data doesn’t just describe the past - it predicts the future, drives optimization, and automates complex decisions through AI.

Yet, much like crude oil, data in its raw form holds limited value.

Without processing, standardization, and analysis, datasets remain fragmented and underutilized. Thus, the “data as the new oil” analogy underscores a vital message: value lies not in volume but in the ability to refine and leverage it.

Countries that merely hoard data without governance structures or analytic capabilities may fall behind.

Building data infrastructure for sustainable development

Major General Nguyen Ngoc Cuong, Director of the National Data Center, stated that the world has officially entered the Data Era - where data determines a nation’s competitiveness, economic stability, and long-term prosperity.

A new global development order is emerging.

Where the 20th century was powered by oil and heavy industry, the 21st is driven by data, knowledge, and analytical capabilities.

Data now stands alongside land, labor, and capital as a factor of production. It can be priced, traded, and used to fuel innovation and AI-driven growth.

Vietnam, aligning with this shift, is building a modern, secure, and interconnected national data system, underpinned by a strong institutional backbone.

That’s why the government has tasked the Ministry of Public Security with leading national data governance.

In recent years, the ministry has built and operated key data infrastructure systems - including the National Population Database, electronic ID and authentication systems, and national data-sharing platforms.

It has also launched the National Data Center, the country’s largest data infrastructure project to date.

“Our goal is to establish a transparent, secure, and competitive data economy; strengthen regional and international cooperation in data and AI; and make data a foundation for sustainable and integrated development,” said Major General Cuong.

AI: The ‘refinery’ of the data economy

Just as oil required refineries, data requires AI to unlock its full economic value.

According to Professor Rajarajan, while IoT, cloud computing, and 5G have spurred a data explosion - expected to reach 79 zettabytes by 2025 - it is AI that determines whether that data can be transformed into economic output.

Modern AI models, especially deep learning and foundation models, rely on vast, high-quality datasets.

The richer the data, the better the model’s accuracy and decision-making.

Poor-quality or fragmented data leads to biased, unreliable AI systems, increasing societal risks.

As such, data is the lifeblood of AI, and AI is the engine that amplifies data’s value.

Associate Professor Ali Al-Dulaimi of the British University Vietnam stressed this triad: Data – AI – Value.

In this chain, data is the new oil, AI is the refining engine, and value is realized through productivity, innovation, and wealth creation.

If managed well, this model could add as much as USD 79 billion to Vietnam’s GDP by 2030.

In practice, AI is already transforming sectors.

In manufacturing, data-driven AI enables predictive maintenance, cutting downtime and optimizing supply chains.

In agriculture, seasonal data and AI help forecast diseases and boost yields for millions of smallholder farmers.

In smart cities and public services, AI allows governments to shift from reactive to predictive operations, improving service delivery and response times.

However, AI also raises new tensions - particularly around data privacy.

Professor Rajarajan noted that AI’s appetite for large datasets often clashes with privacy principles.

This has pushed countries to explore new technologies such as federated learning, secure multi-party computation, and differential privacy - tools akin to “clean-energy filters” in the data age.

A global race for data supremacy

Recognizing data as a strategic resource, major global economies are adopting vastly different strategies.

The U.S. leads in commercial innovation and AI, thanks to tech giants and a dynamic data market. However, it lacks a unified federal data policy, complicating privacy protections and trust.

China, on the other hand, follows a centralized model with strong state coordination and strict data localization laws. While this enables large-scale AI development in strategic sectors, it limits cross-border data flows and global interoperability.

The European Union is taking a unique path - treating data as a resource to be exploited based on trust and human rights.

Its trio of regulations - GDPR, the Data Governance Act, and the Data Act - forms the world’s most comprehensive legal data ecosystem.

Rather than stockpiling data, the EU is creating sector-specific Common Data Spaces (e.g., health, energy, finance, agriculture) for structured sharing.

This approach is expected to add €270 billion to the EU’s GDP by 2028 while reinforcing AI innovation and digital sovereignty.

In this context, the global data race is not just about technology - it’s about institutional design, public trust, and the ability to enable responsible data flows.

Vietnam’s path to unlocking data’s full potential

Vietnam is at a pivotal juncture.

With a young population, high digital connectivity, and rapid digital adoption, the country has the foundations to become a regional “data power.”

According to Professor Tran Ngoc Anh of Indiana University, data is the defining strategic asset of the 21st century. Vietnam’s future development trajectory hinges on how well it exploits this resource.

The biggest challenge isn’t data scarcity - it’s fragmentation, lack of standardization, and limited interoperability.

Many datasets remain siloed, restricting large-scale AI deployment and reducing the effectiveness of digital policies.

Associate Professor James Abdey of the London School of Economics added another dimension: most of data’s economic value isn’t yet captured in GDP.

Without proper measurement systems, Vietnam risks underestimating its productivity and market size - complicating policymaking and investment attraction.

He suggested launching pilot measurement frameworks in high-data-intensity sectors like healthcare, education, and finance.

Strategically, Associate Professor Al-Dulaimi argued that Vietnam could pursue a “hybrid model” combining proactive state involvement, private sector innovation, and citizen data protection.

Here, the state acts not only as a regulator but also as the largest data user - leading through open data, trusted infrastructure, and policy sandboxes.

Enterprises and the innovation ecosystem would then refine this data through AI, creating new services and economic value.

Professor Chu Hoang Long of Australian National University emphasized the need for an integrated approach that covers data collection, access, and a transparent policy and business environment.

Only in such a context can data truly enhance efficiency, personalization, automation, and risk management - anchored in ethics and guided by government leadership.

In summary, data is indeed the new oil of the digital era.

But as history shows, resources only drive development when intelligently managed.

With strong momentum and a maturing policy landscape, Vietnam has a unique chance to transform raw data into lasting competitive advantage - if it invests in infrastructure, data governance, and strategic use of AI.

Thai Khang